WESTERN ENERGY SERVICES CORP. ANNOUNCES 2024 CAPITAL BUDGET

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[{"type":"text","content":"\n \n \n \n WESTERN ENERGY SERVICES CORP. ANNOUNCES 2024 CAPITAL BUDGET\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Jan. 15, 2024\n \n \n /CNW/ - Western Energy Services Corp. (\"Western\" or the \"Company\") (TSX: WRG) is pleased to announce its 2024 capital expenditure budget of approximately\n \n $23 million\n \n , which is expected to be comprised of approximately\n \n $15 million\n \n of maintenance capital and\n \n $8 million\n \n of expansion capital, including approximately\n \n $3 million\n \n of committed expenditures from 2023 that will carry forward into 2024.\n \n \n Maintenance capital of\n \n $15 million\n \n includes\n \n $12 million\n \n in the contract drilling segment and\n \n $3 million\n \n in the production services segment.  Expansion capital of\n \n $8 million\n \n mainly relates to the contract drilling segment to upgrade the Company's rig fleet.\n \n \n Western will continuously monitor the utilization of its fleet, as well as its customer requirements and will adjust the 2024 capital expenditures accordingly.\n \n \n \n About Western\n \n \n \n Western is a progressive energy service company which provides contract drilling services through its division, Horizon Drilling in\n \n Canada\n \n , and its wholly owned subsidiary, Stoneham Drilling Corporation in\n \n the United States\n \n . Additionally, Western provides production services in\n \n Canada\n \n through its division, Eagle Well Servicing which provides well servicing and its division Aero Rental Services which provides oilfield rental services.\n \n \n \n Forward-Looking Statements and Information\n \n \n \n This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words \"expected\", \"will\", \"outlook\" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and inf...

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